Imagine you are a Latin American country with a dominant media group. You could a) whip out your “butcher’s knife” to chop it down to size, or b) try the more softly-softly approach of seeking to shrink its influence by expanding the market.
No prizes for identifying the former as Argentina’s favoured approach. Cristina Fernández, the president, has been hell-bent on curbing the reach and power of the arch-opposition media empire, Grupo Clarín, and its Cablevision pay-TV unit. Regulators in Buenos Aires last month passed a break-up plan. Continue reading »
India’s equity markets closed at a new all-time high on Friday, beating the record set in the previous session, while Arvind Kejriwal, head of the anti-corruption Aam Admi Party was refused an appointment with Narendra Modi, the opposition Bharatiya Janata Party’s prime ministerial candidate. Continue reading »
Remember that note from Goldman Sachs? The one where the US investment bank upgraded its assessment of the Indian economy on hopes that Narendra Modi, the pro-business prime ministerial candidate for the opposition Bharatiya Janata Party (BJP), would lead India’s next government?
Then, New Delhi was up in arms and accused Goldman of interfering. Now, it seems Goldman was only saying what all investors were thinking. Indian markets closed at record highs on Thursday and again on Friday, after the Election Commission announced dates for the voting and opinion polls showed Modi gaining popular support. Continue reading »
There are frontier investment markets, and then there is Iraq. Bombings and fighting killed at least 42 people on Thursday alone, in nine or more separate explosions from Baghdad to Fallujah; yet so commonplace is the violence that the news merited few headlines. After all, at least 24 had died in explosions the previous day.
Yet despite the violence and uncertainty, fund managers and bankers are venturing in to the country, attracted by oil wealth and a surprisingly upbeat outlook for national GDP growth. Continue reading »
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** FT News **
* Obama chides Putin over Ukraine stance | Barack Obama tells Vladimir Putin that Russia has violated Ukraine’s sovereignty as the leaders discuss the crisis for the second time in a week
* China suffers first corporate bond default | Shanghai Chaori Solar, a small Chinese solar power company, defaults on a $14.6m bond with no sign of a government-led bailout
* India stocks hit record on election hopes | Many investors hopeful a coalition led by Narendra Modi will be sworn in just days after voting closes, potentially signalling an economic turnround Continue reading »
By Ben Aris of bne in Moscow
Get used to it: from now on you will have to order ‘Chicken Kyiv’ rather than ‘Kiev’ after the US slapped sanctions on Russia.
Ukrainians have long been irked by the international media’s insistence on spelling the name of their capital ‘Kiev’, which is a transliteration from the Cyrillic of the Russian spelling of the name. Continue reading »
In the first of a two-part series John Authers and London Business School’s Elroy Dimson delve into the history of emerging markets, which have yet to make up ground lost after the second world war. But they are growing less volatile – and more correlated with the developed world.
Its population is bigger than Brazil’s. The way its people vote can decide the direction taken by world’s largest democracy. No state in India is more important in the country’s forthcoming general election than Uttar Pradesh, the underdeveloped northern state of 200m people.
Of the 814m eligible voters mentioned by the Election Commission when it announced the April and May polling dates this week, 134m are in Uttar Pradesh. Continue reading »
** FT News **
* Asia ending wobbly week on firmer footing | Week that began with a global shift from risky assets is poised to end with broad equity gains as focus swings from Ukraine to key US jobs report
* India’s working women find strength in numbers | Mentoring schemes for professionals ease sense of isolation Continue reading »
Imagine you are a young business in a former Soviet Republic, about to enter a greenfield investment with new Russian partners in a project in Russia for which you are providing the $1bn investment capital. Given the recent events in Ukraine, would you be feeling more or less nervous than you were a few months ago?
“We know that we are vulnerable,” says Nasib Piriyev, chief executive of the Azerbaijan Methanol Company. “Moscow has inherited the policies of the Soviet Union and it works with the same instruments.” Continue reading »
Ghana celebrated its 57th anniversary of independence on Thursday, but a hangover from the heady 15 per cent GDP growth posted in 2011 is putting a damper on the mood.
West Africa’s second largest economy was turbo-charged by the discovery of oil in 2007. Foreign investment flowed in, attracted by the vibrant economy and the country’s reputation as a stable, democratic state. By 2011, Ghana was one of the top 10 fastest growing economies in the world and just a year later, oil had surpassed cocoa as the country’s second biggest export after gold.
Continue reading »
Tom Elliott, international investment strategist at deVere Group.
In recent trading sessions, global stock markets have recovered much of the ground lost in the immediate aftermath of the Russian occupation of Crimea. Earlier this week the S&P 500 reached a new all-time high, as investors returned their attention to the improving data coming from the US economy.
So that’s that, then? A country’s sovereignty is compromised, the world decides to sit on its hands and shortly afterward life goes back to normal. Unfortunately for Ukraine, yes. Continue reading »
The first official day of electioneering in India, after the Election Commission announced dates and details for the polls. The benchmark Sensex index hits an all-time high. Continue reading »
Analysts from Bank of America Merrill Lynch think that China will experience its “Bear Stearns moment” on Friday, when the country will probably see as its first ever bond default.
That is a bold, attention-seeking call that is also patently ridiculous. Continue reading »
Rare is the Indian who complains that politics is boring: at least in Madhya Pradesh – the big, landlocked state at the heart of India – there is undisguised excitement about the general election that was announced on Wednesday.
The majority of those we interviewed on the streets after the Election Commission’s announcement said the election (to be held on nine separate voting days between April 7 and May 12) would bring a much-needed change of government in New Delhi. Continue reading »